Fox officially announced at the network's upfront presentation in New York City today that the two former Disney pop princesses will be joining Simon Cowell and L.A. Reid at the judges' table. Spears was so excited to be a part of the show, she tweeted the very first picture of all four judges together!

So what went down at the presentation? And what did Spears and Lovato have to say about joining the show?

Fox president Kevin Reilly is banking on the revamped X Factor, saying, "The Voice hit a series low at the end of the season. I'm betting on The X Factor and here's why." And then, of course, Cowell, Reid, Lovato and Spears, whose X Factor hiring was first reported by E! Online, took the stage, where they were greeted with big cheers.

"Well, we delivered," Cowell said. "This has taken a year, and I am thrilled to be able to confirm the return of L.A. Reid, and the addition of Demi Lovato and the superstar Britney Spears."

As for The X Factor newbies, who are replacing Paula Abdul and Nicole Scherzinger? They are more than ready to fulfill their duty of finding America's next great star. "I'm so excited about this whole experience. It's going to be so much fun and so different than anything I've ever done. I'm ready to find a true star," Spears said.

Demi added, "I'm totally stoked to be here, because of not only the opportunity to be a judge here, but the presence of you guys. It's just an honor to be standing next to you. I'm excited to represent my generation, and I'm ready to find the winner."

And the X Factor panel wasn't done knocking NBC's The Voice just yet. "This year we are seriously going to kick butt," Cowell promised. "The Voice is going up against us; I wish them luck, but second's not great. We are going to make this the best series we've ever made."

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